How to Apply Online for Personal Loans

An instant approval loan might be the right choice for you...

 

Why an instant approval personal loan might be the ideal choice for you

In this article, we’ll discuss how instant personal loans are always an option if you find yourself in need of some quick cash. While they come with higher interest rates than other loans, they have the advantage of being fast and available to everyone, regardless of their credit status. However, you shouldn’t just apply for the first instant personal loan you come across. Instead, you need to think long and hard about the whole process, to ensure you make the right decision with your personal loan. If you’re thinking of taking one out, then you’re in luck- this article will guide you through the whole process!

 

Things to think about before applying for instant online personal loans

Before applying for instant personal loans, you should think about just how much you’ll need to borrow. While these personal loans give an instant decision about how much you’re able to borrow, that’s not to say that you should take out the full amount on offer. Remember, you will ultimately have to pay back the full amount of your instant personal loan, plus interest. You will therefore have an easier job of paying back a smaller loan, especially if you are already struggling financially. Of course, take out a larger amount if you really need to, but you might be better off in the long run with smaller instant online personal loans.

 

Banks or independent loan companies- which is better for instant online personal loans?

When it comes to instant online personal loans, you have two main options: you can either opt for a loan from a bank or building society, or an independent loan company. While banks may turn you down for an instant personal loan for bad credit, they nevertheless are usually the better option. That’s because they offer reasonable interest rates, whereas independent loan companies may include extraordinary interest rates that are difficult to keep up with. That being said, these independent loan companies are much more likely to offer instant approval personal loans, so they might be a better choice if you are in need of cash there and then.

 

Benefits of an instant online personal loan from banks and building societies:

  • Many banks allow you to easily view how much you will have to repay in advance, with a handy repayment calculator.
  • Banks may be more lenient with repayments on instant personal loans, especially if you take one out in person from your local branch.
  • Unlike independent loan companies, banks can afford to offer lower interest rates on their instant personal loans- which is naturally a better outcome for you.

 

What information do you need for an instant personal loan?

One of the main advantages of instant personal loans for bad credit is that you can easily apply for one in just minutes, with only a minimal amount of personal information to hand. Unlike a major bank loan, where you will need to provide endless streams of personal info before you are approved, applying for an instant personal loan from your bank could take just minutes. That’s because your bank already knows your credit rating, and all the other necessary info to process your loan. Even if you find a better deal from another bank, you can easily just set up an account with them,

 

Figuring out your instant personal loan interest rate

One of the main advantages of taking out an instant approval personal loan with a bank or building society is that they are fully upfront about your interest rates and repayment plans. Generally, they will display on their website a so-called “representative APR”, which tells you the average amount that people pay in interest on this sort of loan. However, since each borrower is unique, and has their own individual financial situation, it’s unlikely that yours will be identical to this. As mentioned above, if you already have a bank account with them, then you will be able to see clearly and upfront the interest rate that you will be expected to pay. Banks like Barclays also have a simple-to-use calculator which shows you the total amount to be repaid, and how much you will pay each month. However, if your chosen lender doesn’t provide you with a personalized interest rate before you take out the loan, then you might want to think about looking elsewhere to avoid getting stung by high repayments.

 

Topping up your personal loan

Another advantage of choosing a bank for your instant personal loan is that many of them allow you to top up your loan at a similar amount of interest. So long as you have already made timely repayments on your current personal loan, then they will usually be happy to offer you a little more should you need it. After all, the best way of showing a lender that you are financially stable- as well as improving your credit score- is to keep up with loan repayments. For instance, NatWest offer two different options when taking out an extra instant personal loan. You can either open a brand new loan outright, and continue to pay them both off side by side, or you can replace your current loan with a new one for a larger amount. While this will mean you pay more interest in the long run, it gives you access to more money right now.

 

Final Thoughts

As you can see, then, applying online for instant personal loans is generally a quick and simple process. That makes it an excellent choice for those who need some extra funds fast, and you have a wide range of different options available to you. Make sure you do your research before you apply, though, and shop around to find the very best deal for you as Cashfloat. So long as you use your head, and ensure you can keep up with the repayments, then an instant personal loan is a great way to quickly access funds- so why not take a look at what’s on offer today!


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